Sunday, February 08, 2009

Must-Know Things About Car Auctions

Investment wise, buying a car at an auction is a smart move. But this should be done with extreme care because public car auctions have inherent risks and benefits. So before you jump in with your bid it is best that you are equipped with necessary knowledge about auctions. It is not all about finding great deals, it is also about dodging the possibilities of getting not-so-good ones.

First with the cars. Cars at auction are generally cheap. However, the mechanical condition of the cars suffers. You won't know whether the car has mechanical defects or whether the paint is original or not until the buyer tests it. The problem with car auctions is that not all auctions have a viewing time. Meaning some auctions will not allow the potential buyers to inspect the cars they are eyeing. Also, many organizers do not allow test-drives. Thus, any potential buyers are not certain whether the deal they are getting is good or bad.

Also, the cars are auctioned as-is. If the car has a dent then you'll be buying that dent along with the car. Nearly all auction organizers do not bother on fixing the car before they bring it to the auction site.

Second, the extra charges. These may be small and can be easily dealt with however, for many buyers paying extra cash for some fees that they were not prepared for could spoil the deal. Paying the buyer's premium, a fee charged to the person with the highest bid, could sometimes cost a couple of hundred dollars.

Third, the type of car auctions. There are several types of car auctions and these provide features that may not be had from other types. For example, there are auctions specializing only on second-hand cars, there are those that sell vintage cars and there are others that attract people wanting to buy salvaged cars. The buyer will then have to decide the options that suit him best which will let him get the best deal.

Fourth, knowing where to look for auctions. Different auction houses have different mediums for relaying their activities to the public. In short, there are many places to look for when wanting to find auctions. Advertisements are commonly found in radio announcements, local TV networks and car sale magazines.

Lastly, the car auctioneers. A lot of car auctioneers are reliable and reputed for their good services but some of them are not. So ensure to it that you go to auctioneers that operate on regular basis but sometimes, even that is not an assurance that you are getting the best deals.


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